Global Fashion Group
Corporate brand
UnclaimedGlobal Fashion Group is a Luxembourg-based online fashion marketplace group operating regional platforms across Australia, New Zealand, Latin America and Southeast Asia.
Last updated August 31, 2026
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Overview
Global Fashion Group S.A. (GFG) is an international online fashion commerce group headquartered in London and incorporated in Luxembourg. Rather than operating as one consumer-facing store under a single retail name, it brings together regional digital platforms serving emerging and developing fashion markets. Its principal operating brands have included THE ICONIC in Australia and New Zealand, Dafiti in Latin America, and ZALORA in Southeast Asia. These platforms sell apparel, footwear, accessories, beauty and related lifestyle products from international and local brands, while also offering marketplace services that allow third-party merchants to sell through the platforms. GFG was formed in 2014 through the consolidation of regional fashion e-commerce businesses backed by Kinnevik and Rocket Internet. The businesses that became the group’s regional operations were launched during the early 2010s, including Dafiti, Lamoda, THE ICONIC, ZALORA and Jabong. In their initial years, the platforms primarily used an inventory-led model: products were purchased or held by the operator, stored in warehouses and shipped directly to customers. From 2013 onward, the regional companies also developed private-label ranges and local design collaborations, including labels such as Lost Ink, Zalia, 24:01 and Something Borrowed, as well as the ZALORA private-label offering formerly associated with the name Ezra. A major operational change came in 2016, when GFG expanded marketplace capabilities across key markets. The marketplace model complemented the original wholesale and inventory-based approach by enabling brands and merchants to list products without requiring GFG to own all of the merchandise. This broadened assortment and supported a more asset-light structure, while increasing the importance of logistics, seller services, technology, payments, customer acquisition and fulfillment. Across its regions, the group developed fulfillment infrastructure, including THE ICONIC’s large Australian facility and ZALORA’s regional e-fulfillment hub in Malaysia. The company has also reshaped its geographic footprint through acquisitions, partnerships and divestments. In Brazil, Dafiti acquired the sports and outdoor retailer Kanui and the children’s and baby retailer Tricae in 2015, integrating both businesses into the regional platform. GFG exited or transferred several markets during 2016, including Mexico, Thailand, Vietnam and India. Jabong was sold to Flipkart in 2016. GFG later sold the Lamoda business in Russia, Kazakhstan and Belarus in 2022. It subsequently reduced its Latin American presence by closing Argentina in 2023 and Chile in the first quarter of 2025, citing difficult market conditions, post-pandemic effects and competitive pressure. GFG became a publicly traded company on the Frankfurt Stock Exchange in July 2019. Its strategy has centered on reaching profitability through marketplace expansion, better gross margins, operating-cost discipline and regional scale rather than pursuing unrestricted geographic expansion. In 2024, the group reported net merchandise value of €1,099.6 million excluding Chile, with constant-currency performance below the prior year. It also reported an improvement in adjusted EBITDA margin compared with 2023 and ended 2024 with €222.4 million in net pro forma cash. These figures reflect the group’s continuing transition toward a more efficient and selectively focused regional platform model. Christoph Barchewitz is the company’s chief executive officer.
History
Global Fashion Group emerged from the consolidation of several regional online fashion businesses that had been established during the early development of fashion e-commerce in emerging markets. Dafiti, Lamoda, THE ICONIC, ZALORA and Jabong were launched between 2011 and 2012, with backing associated with Kinnevik and Rocket Internet. Their early model was predominantly inventory-led: each platform sourced merchandise, stored it in warehouses and fulfilled customer orders itself. This approach gave the businesses control over assortment, delivery and customer experience, but also created significant working-capital and operational requirements. Beginning in 2013, the regional platforms added private-label products. These initiatives used internal design teams and collaborations with local designers to supplement third-party brands and improve assortment differentiation. Labels associated with the group included Lost Ink, Zalia, 24:01 and Something Borrowed, together with ZALORA’s own-label activity, formerly linked to the name Ezra. In 2014, the regional businesses were consolidated into Global Fashion Group. The new group was intended to provide shared scale and a common strategic framework while retaining localized consumer propositions. It raised €150 million from existing investors in 2015 and secured a further €330 million financing round led by Kinnevik and Rocket Internet during the first half of 2016. During this period, GFG also expanded through acquisitions. Dafiti acquired Brazilian sports and outdoor e-commerce company Kanui and children’s and baby retailer Tricae in 2015, with both businesses subsequently integrated into Dafiti. The group began changing its operating model in 2016 by rolling out marketplace functionality across important markets. This enabled external merchants and brands to offer products through GFG platforms and reduced the requirement that every item be bought and held by the group. Marketplace development became an important part of GFG’s effort to expand selection, improve capital efficiency and build a broader technology and services platform. GFG also adjusted its geographic portfolio. Dafiti sold its Mexican operations in March 2016, while ZALORA transferred its Thailand and Vietnam operations to Central Group in April of that year. In August 2016, Jabong was sold to Flipkart for cash consideration reported at the time as US$70 million. Governance and leadership changed as the group developed. Romain Voog became chief executive in April 2015 and served for approximately three years. Cynthia Gordon, a Kinnevik board member, became chair of GFG’s board in April 2017. In February 2018, Patrick Schmidt and Christoph Barchewitz were appointed co-chief executives, succeeding Voog. Barchewitz later became the group’s chief executive. GFG listed on the Frankfurt Stock Exchange in July 2019. GFG continued to develop regional partnerships and commercial relationships. In 2017, ZALORA formed a strategic partnership with the Ayala Group, one of the Philippines’ major conglomerates; Ayala took a 49 percent interest in ZALORA Philippines. ZALORA also entered a partnership with Abercrombie & Fitch in 2017, providing the American brand with access to the platform’s regional customer base. The group subsequently reduced exposure to selected markets. On 13 December 2022, it completed the sale of Lamoda’s operations in Russia, Kazakhstan and Belarus to Yakov Panchenko, owner of the Stockmann department-store chain. Argentina was closed in the first half of 2023, and Chile was closed in the first quarter of 2025. These exits reflected a more selective strategy focused on markets where GFG could build sustainable scale and improve its route to profitability. By 2024, GFG continued to operate through THE ICONIC, Dafiti and ZALORA across Australia and New Zealand, Latin America and Southeast Asia. The company reported net merchandise value of €1,099.6 million excluding Chile, while constant-currency performance declined from the previous year. At the same time, adjusted EBITDA margin improved from negative 6.6 percent in 2023 to negative 2.4 percent in 2024, which the company attributed to cost efficiency and gross-margin expansion. The group ended 2024 with €222.4 million in net pro forma cash. Its current strategic direction is therefore characterized by regional concentration, marketplace development, logistics capability and a continuing push toward profitability.
- 2025
Chile operations closed
[1]The group closed its Chile operation in the first quarter of 2025 amid post-pandemic challenges and competitive pressure.
- 2023
Argentina operations closed
[1]GFG closed its Argentine business and streamlined its Latin American activities.
- 2022
Lamoda business sold
[1]GFG completed the divestment of Lamoda’s operations in Russia, Kazakhstan and Belarus.
- 2019
Frankfurt Stock Exchange listing
[1]Global Fashion Group became a publicly traded company on the Frankfurt Stock Exchange under ticker GFG.
- 2018
Co-chief executives appointed
[1]Patrick Schmidt and Christoph Barchewitz were appointed co-chief executives, succeeding Romain Voog.
- 2017
New board chair and regional partnerships
[1]Cynthia Gordon became board chair, while ZALORA established partnerships with Ayala and Abercrombie & Fitch.
- 2016
Marketplace rollout and portfolio restructuring
[1]GFG rolled out marketplace capabilities and divested or transferred operations in Mexico, Thailand, Vietnam and India.
- 2015
Leadership change and Brazilian acquisitions
[1]Romain Voog became chief executive, while Dafiti acquired Kanui and Tricae in Brazil and integrated the businesses into its regional operation.
- 2014
Global Fashion Group is established
[1]Regional fashion e-commerce companies backed by Kinnevik and Rocket Internet were consolidated into Global Fashion Group.
- 2011
First regional platforms begin operations
[1]The businesses that later formed GFG, including Dafiti, THE ICONIC and ZALORA, began developing online fashion platforms during the early 2010s.
Products and positioning
A regional online fashion commerce platform group serving large emerging and developing markets through localized consumer brands, curated inventory, third-party marketplaces, private labels and integrated fulfillment capabilities.
Regional online fashion platform · 2011
THE ICONIC
THE ICONIC is GFG’s fashion and lifestyle e-commerce platform for Australia and New Zealand. It offers apparel, footwear, accessories, beauty, sportswear and related lifestyle merchandise from international and local brands. The operation is supported by dedicated Australian fulfillment infrastructure, including a large fulfillment center designed to handle regional online retail demand.
Regional online fashion platform · 2011
Dafiti
Dafiti is GFG’s Latin American fashion commerce platform. It has operated across selected Latin American markets and sells fashion, footwear, sports and lifestyle products through inventory-led and marketplace models. Its Brazilian business incorporated the former Kanui and Tricae operations, extending the platform into sports, outdoor, children’s and baby categories.
Regional online fashion platform · 2012
ZALORA
ZALORA is GFG’s Southeast Asian online fashion platform. It serves consumers through localized websites and applications offering apparel, footwear, beauty, accessories and lifestyle products. The business also operates marketplace services and regional logistics infrastructure, including an e-fulfillment hub in Malaysia. Its geographic portfolio has been adjusted over time through market exits and partnerships.
E-commerce marketplace · 2016
GFG Marketplace
GFG Marketplace is the group’s third-party seller model, rolled out across key markets from 2016. It enables brands and merchants to list merchandise on GFG’s regional platforms, broadening assortment while reducing the need for GFG to own and warehouse every product. The model makes technology, seller management, payments, fulfillment and customer service central parts of the group’s offering.
Private-label apparel · 2013
Private-label fashion brands
GFG’s regional companies developed private-label products from 2013 onward using internal design teams and collaborations with local designers. Associated labels include Lost Ink, Zalia, 24:01 and Something Borrowed, as well as ZALORA’s own-label activity, formerly connected with the name Ezra. These ranges were intended to provide differentiated assortment and complement external brands.
Marketing campaigns
- 2017ZALORA–Abercrombie & Fitch partnership
Southeast Asia
ZALORA established a commercial partnership with Abercrombie & Fitch to provide the American fashion brand with access to ZALORA’s regional online customer base.
Outcome. The partnership expanded the availability of Abercrombie & Fitch products through ZALORA’s Southeast Asian platform.
Brand decisions
2025
Closure of Chile operationsStrategyBackground
The Chilean business faced post-COVID disruption and competitive pressure.
Action taken
GFG announced the closure of its Chile operations, completed during the first quarter of 2025.
Aftermath
The decision further concentrated GFG’s Latin American activities on its remaining selected markets.
2023
Closure of Argentina operationsStrategyBackground
GFG faced challenging conditions in the Argentine market and was streamlining its Latin American business.
Action taken
The company announced the closure of its Argentine operations during the first half of 2023.
Aftermath
Argentina was removed from the group’s active operating footprint.
2022
Sale of Lamoda operationsM&ABackground
GFG reduced its exposure to the markets served by Lamoda in Russia, Kazakhstan and Belarus.
Action taken
The group completed the sale of the Lamoda business in those markets to Yakov Panchenko, owner of the Stockmann department-store chain.
Aftermath
GFG exited those Lamoda markets and continued its portfolio simplification.
2016
Rollout of marketplace operationsStrategyBackground
GFG’s regional businesses had initially relied largely on purchasing, warehousing and selling their own inventory. The group sought broader assortment and a more capital-efficient model.
Action taken
The company rolled out marketplace functionality across key markets, allowing external brands and merchants to sell through its platforms.
Aftermath
Marketplace services became a core component of GFG’s regional operating model and its long-term path toward improved efficiency.
2016
Sale of Jabong to FlipkartM&ABackground
GFG reviewed its geographic portfolio and sought to focus resources on markets with stronger strategic fit.
Action taken
The group sold its Indian fashion platform Jabong to Flipkart for reported cash consideration of US$70 million.
Aftermath
GFG exited the Indian market and continued concentrating on its remaining regional platforms.
Recent events
Dafiti appoints Andre Farber as CEO[2]
Global Fashion Group announced Andre Farber’s appointment as chief executive officer of Dafiti, leading its online platform in Latin America. Farber was described as incoming and set to join from Boticario Group.
Reported
Global Fashion Group launches €120 million capital increase[3]
Global Fashion Group launched a cash capital increase targeting approximately €120 million in gross proceeds through newly issued shares offered to institutional investors.
Reported
Stripe International completes acquisition of Global Fashion[4]
Stripe International completed its acquisition of Vietnamese fashion retailer Global Fashion, which owns the Vascara accessories brand. Global Fashion said all 134 Vascara outlets in Vietnam were transferred to Stripe International following the deal.
Sources4 sources
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